Such moves, like a pending $160 billion tie-up between pharmaceutical giants Pfizer and Allergan, exploit loopholes that allow the companies to “get out of paying their fair share of taxes here at home,” Obama said.
“They effectively renounce their citizenship. They declare that they’re based somewhere else, thereby getting all the rewards of being an American company without fulfilling the responsibilities to pay their taxes the way everybody else is supposed to pay them,” he said.
“It sticks the rest of us with the tab. And it makes hard-working Americans feel like the deck is stacked against them.”
The president called for Congress to take action on tax code reforms to eliminate loopholes that allow such blatant avoidance.
Tax laws “are so poorly designed that they allow people, if they’ve got enough lawyers and enough accountants, to wiggle out of responsibilities,” Obama said.
- Obama: tax avoidance is ‘a big global problem’, AFP, April 6, 2016.
About the author:
Zhang Xin is Trainer at chinadaily.com.cn. He has been with China Daily since 1988, when he graduated from Beijing Foreign Studies University. Write him at: zhangxin@chinadaily.com.cn, or raise a question for potential use in a future column.
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